Currently, most real estate auctions occur in person and typically are performed on the courthouse steps in the county in which the real estate being auctioned resides. Typically, the real estate up for auction is real estate that has been foreclosed upon by a lending institution. The problem is that, to execute current real estate auctions in person, there is a huge requirement for being at the auction at the right time and with the proven ability to submit a bid. Because these auctions must be scheduled, there typically is also the problem that they occur on a schedule that is setup in advance. Impromptu auctions are very hard to execute as it is quite difficult to provide adequate notice to all those parties that may wish to submit a bid.
Many auctions were used throughout the world in an on-site manner without any electronic addition. Furthermore auctions were usually an absolute auction in which the highest bidder won no matter what the price. In some countries this is the standard method of selling real estate. But due to the inefficiency of having to be onsite and most bidding methods, raising a hand, it has not be suitable or accepted by most sellers. An absolute auction has a great risk of producing an undesirable low price. Some auctions use a reserve but on rare occasion due to the fact that buyers have traveled to the location and a sell must happen. In an onsite auction there is a great deal of pressure and buyers remorse in making a wrong decision in the heat of the moment can occur.
Thus, a heretofore unaddressed need exists in the industry to address the aforementioned deficiencies and inadequacies.